Major Crypto Whales Are Stacking These Altcoins
Anjali Belgaumkar8 May 20242 min read
According to analysis from Altcoin Buzz, several altcoins, including XRP, Tellor (TRB), Render, Singular and Fetch.ai (FET) have recently witnessed substantial whale accumulation, hinting at potential bullish trends ahead.
XRP, Ripple’s native cryptocurrency, has seen a surge in accumulation by whale addresses in the past week. Addresses holding between 1 million and 10 million XRP have collectively purchased over 90 million tokens, amounting to approximately $48 million. This accumulation by whales has historically influenced price action, often preceding market recoveries and rallies.
Retail investors also show increasing participation, with the number of addresses conducting transactions on the network rising by 28.8% in the past week. This growing optimism among investors could catalyze further price growth, with XRP currently trading at 54 cents and showing signs of potential upward movement.
Whale Movements Signal Bullish Trends for XRP and TRB
Meanwhile, Tellor (TRB), a decentralized Oracle Network, has seen its market cap nearly double in early May, reaching an impressive $247 million by May 7th. Analysis indicates a notable increase in whale activity surrounding TRB, with a spike in whale transactions and active addresses observed on May 6th.
Despite the potential for profit-taking amidst this growth, crypto analysts remain optimistic about TRB’s price trajectory. Technical patterns suggest a bullish continuation for TRB, with the formation of higher lows in price action indicating a potential surge of over 35% back to over $261.
AI Innovations Propel Altcoin Gains
Other altcoins, such as Render and Singular, have also experienced notable rallies in recent days. Render has surged more than 50% in seven days, while Singular and other AI-related coins like Fetch.ai (FET) and DeepBrain Chain (DBC) have gained between 17% and 23%, outperforming the broader crypto market.
The correlation between developments in the AI sector and crypto market dynamics suggests growing investor enthusiasm surrounding Nvidia’s performance, with the chipmaker set to report first-quarter earnings on May 22nd.
Also Check Out : Altcoins Show Strength While Bitcoin Stuck Within A Range: WLD, NEAR & RNDR Price Close to Triggering a Fresh Upswing
